Board comments on fine levied by NSE.
NEOGEN · price
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Neogen Chemicals' board, at its June 3, 2025 meeting, addressed a fine of Rs. 3,61,080 (including 18% GST) levied by NSE for non-compliance with Regulation 17(1A) of SEBI Listing Regulations. The issue relates to the company's failure to specifically cite Regulation 17(1A) in the special resolution for re-appointment of Prof. Ranjan Kumar Malik as an Independent Director who crossed the age of 75 years. The fine covers two quarters: Rs. 1,26,000 for Oct–Dec 2024 (63 days) and Rs. 1,80,000 for Jan–Mar 2025 (90 days), charged at Rs. 2,000 per day. To rectify the lapse, the board approved a postal ballot process (e-voting from June 13 to July 12, 2025) to seek fresh shareholder approval for Prof. Malik's continuation as Independent Director until October 5, 2028. The company confirmed he is not debarred by SEBI or any other authority. The company stated there is no material impact on its financials or operations beyond the fine amount.
This is a minor, technical compliance lapse rather than a serious regulatory or governance issue. The fine is small relative to the company's operations, and the company is proactively seeking shareholder approval to remedy the disclosure gap. No material impact on financials or operations is expected.